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Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Nov 3, 2014 · 15 slides

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  1. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 1
  2. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 2
    Quarter Earnings (Adjusted) Quarter Ended September 30, 2014 2013 Change Segmented operating income (loss): - Liquids* 269.7 150.2 119.5 - Natural Gas* (3.2) 16.8 (20.0) - Corporate (3.8) (1.8) (2.0) Operating income* 262.7 165.2…
  3. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 3
    Distribution Coverage As declared As paid As declared As paid Q3 2014 Q3 2014 YTD 2014 YTD 2014 Net income attributable to general and limited partner ownership in EEP 20.5 20.5 157.7 157.7 Option premium amortization (1.8) (1.8)…
  4. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 4
    Segment Operating Income (Adjusted) Quarter Ended September 30, Liquids 2014 2013 Change Operating revenue* 537.3 407.4 129.9 Power* (59.6) (43.1) (16.5) Environmental costs* (2.2) (0.6) (1.6) Operating and administrative (126.5)…
  5. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 5
    Impact of Line 6B Incident Estimated Costs* As of June 30, Booked in Q3 Total to Date 2014 2014 Total Costs 1,156 52 1,208 Less: Insurance Recoveries 547 0 547 Total Normalized 609 52 661 Unaudited amounts, in millions.…
  6. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 6
    Capital Expenditures Q3 2014 FY 2014 Maintenance Capex 31.7 91.0 (1)(2) Enhancement Capex 899.7 1,931.9 Ending PP&E, net 15,038.1 Q3 2014 Major Enhancement Expenditures Q3 2014 FY 2014 (1) North Dakota Expansions 66.7 147.4…
  7. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 7
    Book Capitalization 9/30/2014 12/31/2013 Loans from affiliates 306.0 318.0 Short-term debt 200.0 200.0 Long-term debt (1) 5,807.9 4,577.4 Total Debt 6,313.9 5,095.4 Partners' capital(1) 8,751.9 7,974.0 Total Capitalization 15,065.8…
  8. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 8
    Volume History Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2012 2012 2013 2013 2013 2013 2014 2014 2014 Liquids Business - Volumes (kbpd) Lakehead 1,756 1,737 1,836 1,683 1,825 1,918 2,000 2,088 2,172 Mid-Continent 214 207 222 170 216 195 211 176…
  9. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 9
    Estimated Commodity Positions (October December 2014) Estimated Commodity Positions Hedged Cash Physical Hedge Hedged Weighted Avg Flows % Volume Hedge Price MM Natural Gas 4,989 MMbtu/d 90% 4,500 MMbtu/d 3.90 /MMbtu 1.6 C2…
  10. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 10
    GAAP Reconciliation 11
  11. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 11
    Third Quarter Earnings (GAAP) Quarter Ended September 30, Segmented and corporate operating income (loss): 2014 2013 Change - Liquids 227.5 144.4 83.1 - Natural Gas 16.7 (19.0) 35.7 - Corporate (3.8) (1.8) (2.0) Operating income…
  12. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 12
    Adjusted Earnings The foregoing presentation makes reference to adjusted net income in order to exclude the effect of non-cash derivative fair value gains and losses and other non-recurring items. A reconciliation to net income per…
  13. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 13
    Adjusted Segment Operating Income (Loss) The foregoing presentation makes reference to adjusted operating income (loss), which combines certain GAAP measures as shown below. Liquids Natural Gas Q3 2014 Q3 2013 Q3 2014 Q3 2013…
  14. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 14
    Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Natural Gas segment, which combines certain GAAP measures as shown below. Natural Gas Q3 2014 Q3 2013 Operating revenues 1,399.4 1,387.9 Cost…
  15. Q3 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 15
    Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to pay interest costs and make cash…

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